Today we had another broker appreciation day so to speak with almost very hard to get even four handles on either side. During such choppy tape, either move your trades to Break even faster (e.g when you are +1, if you miss you miss) or trade less.
We shorted open from 72→64. After that we tried couple trades but no pay. We stayed out most of the day until late afternoon where we tried long against 92 which paid few handles. Overall few -2’s and few handles to cover them. Just survived.
Here are some econ events for tomorrow, there are some Fed speaks at 8 and 11 am.
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Econ for Week
Night session Trading Suggestions:
I suggest to not trade night session from 10 pm to 2 am chop. If action has to happen than it will happen before 10 pm or after 2 am EST. You can generally play short on top level provided for nightly range and long on lower level of nightly range after 2 am or 3 am. But get out of the way if it rips or drops thru levels and wait for new opportunity or flip. And of course never add to loser and better yet cut it and reset.
Remember: I never short above or long below my marker. I wait for it to pause before it or come back to it from rip/dip and pause before executing.
Never take position before Econ like CPI Or FOMC. After econ watch for levels where it stops and how it interacts to decide long or short.
Recommended stop: -2 and go to BE on +2. Some ppl who can't reenter shall chose -3.5/4.
Scale out: 2 lots at +6/8, 3rd at +10/16, 4th leave runner at BE
Big picture: We had short stint inside 400 point chop box during last week of October but now we are back outside, until we go back inside bulls are on full control of the tape.
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